Singapore: Tax relief for corporate re-domiciliations | KPMG | GLOBAL

Singapore: Tax relief for corporate re-domiciliations

Singapore: Tax relief for corporate re-domiciliations

Regulations are now effective that allow for the “re-domiciliation” (transfers of registration) of foreign corporations into Singapore. Certain tax relief measures apply with respect to eligible foreign corporations that transfer their place of incorporation to Singapore.

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The tax relief rules that apply with respect to an eligible re-domiciliation include:

  • Relief from exit taxes (a credit in Singapore for taxes paid on deemed income in the corporation’s existing jurisdiction)
  • A deduction for expenses incurred prior to re-domiciliation (including expenses related to IP protection, research and development, renovation and refurbishment costs)
  • A deduction for trading stocks
  • A bad debt deduction
  • Relief relating to an impairment loss on financial assets
  • Capital allowances for qualifying plant and machinery
  • Write-down allowances

 

Read a November 2017 report [PDF 632 KB] prepared by the KPMG member firm in Singapore

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